SCS/SJRs 31, 20, 24, 42, 32, & 48 - This constitutional amendment, if approved by the voters, modifies provisions relating to taxation. INCOME TAXES Beginning January 1, 2027, this amendment provides that the Missouri individual personal income tax shall no longer be imposed. (Section 1(a)) STATE SPENDING AND BUDGETING For all fiscal years beginning on or after July 1, 2027, this constitutional amendment, if approved by the voters, provides that the General Assembly shall have a spending limit equal to the previous fiscal year's appropriations plus the percentage growth in population, provided that the population grew by more than one percent from the previous calendar year. If the population grew by more than zero but less than one percent, the spending limit shall be equal to the previous fiscal year's appropriations plus one percent of such amount. If the population decreased from the previous calendar year, the spending limit shall be equal to the previous year's appropriations minus the percentage decline in population. (Section 20.2) Total state appropriations may exceed the spending limits only under certain conditions, as described in the amendment. (Section 20.3) The amendment establishes the "Tax Reform Fund" and the "Budget Responsibility Fund" in the state treasury. For all fiscal years beginning on or after July 1, 2027, if net general revenue collections exceed anticipated expenditures by more than $1 million, fifty percent of such excess revenues shall be deposited into the Tax Reform Fund and fifty percent shall be deposited into the Budget Responsibility Fund. (Section 20(a).1 and .2) If the state experiences a budgetary shortfall in the fiscal year immediately following the implementation of any tax decrease, the Tax Reform Fund may be used during the ensuing appropriation period to supplement areas of necessary funding, with limitations described in the amendment. (Section 20(a).5) Upon the reduction in the state sales tax rate and the elimination of the corporate income tax, as provided in the amendment, the remaining balance in the Tax Reform Fund shall be transferred to the Strategic Gold & Silver Reserve Fund, which is established by the amendment. Moneys in such fund shall be expended for the purchase of gold or silver, which shall be physically kept within the state, and the management, storage, or security thereof. Such gold and silver shall not be sold, liquidated, or transferred to any entity that is not the state of Missouri, and shall not be used as collateral against any loans. (Sections 20(a).6) SALES TAXES Current law imposes a statewide sales tax at a statutory rate of 4%, with an additional 0.225% rate that is constitutionally authorized, for a total statewide sales tax rate of 4.225%. This constitutional amendment, if approved by the voters, provides that, in any fiscal year in which there is a budget surplus of at least $1 million in the General Revenue Fund, the General Assembly shall reduce the rate of sales tax by at least 0.01% for each $45 million in the Tax Reform Fund, and more than one reduction may be made in a fiscal year. Such reductions shall continue until the state sales tax rate is reduced to 4.0% or lower. Once the state sales tax rate reaches 4.0% or lower, the rate shall not exceed 4%. (Section 20(a).4(1)) This amendment repeals a provision of Article X, Section 26 of the constitution prohibiting the expansion of state sales taxes on transactions not taxed as of January 1, 2015, and also requires the General Assembly to impose a statewide sales tax on lobbying services at a rate of 6%. (Section 26) CORPORATE INCOME TAXES Upon the reduction of the sales tax to 4%, the General Assembly shall use the Tax Reform Fund to gradually reduce and eliminate the corporate income tax. In any fiscal year in which there is a budget surplus of at least $1 million in the General Revenue Fund, the General Assembly shall reduce the rate of corporate income tax by at least 0.2% for each $45 million in the Tax Reform Fund. Such reductions shall continue until the corporate income tax is eliminated. (Section 20(a).4(2)) This amendment is substantially similar to HJR 1 (2025), HJR 35 (2025), and HJR 76 (2025), and is similar to SJR 21 (2025). JOSH NORBERG